Franklin Street Properties Corp. (FSP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los bienes raíces comerciales, Franklin Street Properties Corp. (FSP) surge como una potencia estratégica, transformando la inversión inmobiliaria a través de un modelo de negocio meticulosamente elaborado que equilibra la innovación, la gestión de riesgos y el valor de los accionistas. Al aprovechar un enfoque sofisticado para adquirir, administrar y optimizar las propiedades de la oficina, FSP ha forjado un nicho distintivo en el panorama inmobiliario competitivo, ofreciendo a los inversores e inquilinos una propuesta de valor convincente que trasciende las estrategias tradicionales de administración de propiedades.

Franklin Street Properties Corp. (FSP) - Modelo de negocios: asociaciones clave

Empresas de corretaje de bienes raíces comerciales

A partir de 2024, FSP colabora con las siguientes empresas de corretaje de bienes raíces comerciales:

Empresa de corretaje	Detalles de la asociación	Volumen de transacción
CBRE Group, Inc.	Arrendamiento y ventas de propiedad de la oficina	$ 42.3 millones en valor de transacción
JLL (Jones Lang LaSalle)	Análisis de mercado y representación del inquilino	$ 35.7 millones en servicios de corretaje

Empresas de administración de propiedades

Las asociaciones clave de administración de propiedades de FSP incluyen:

• Cushman & Wakefield - Gestión de 7 propiedades de la oficina
• Colliers International - Administración de 5 propiedades comerciales
• Transwestern - Administración de 3 complejos de oficinas regionales

Instituciones financieras nacionales y regionales

Detalles de la asociación financiera:

Institución financiera	Tipo de asociación	Línea de crédito
Banco de América	Facilidad de crédito giratorio	$ 250 millones
Wells Fargo	Acuerdo de préstamo a plazo	$ 175 millones

Contratistas de construcción y mantenimiento

Las principales asociaciones de construcción y mantenimiento de FSP:

• Turner Construction Company - $ 23.6 millones en proyectos de renovación
• Skanska USA - $ 18.4 millones en actualizaciones de edificios
• Lendlease - $ 15.9 millones en desarrollo de propiedades

Empresas de inversión y asesoría

Asociaciones de inversión estratégica:

Firma de asesoramiento	Servicios proporcionados	Valor de inversión
Blackstone Real Estate	Consultoría de estrategia de inversión	$ 67.5 millones
Goldman Sachs Real Estate	Optimización de cartera	$ 52.3 millones

Franklin Street Properties Corp. (FSP) - Modelo de negocio: actividades clave

Adquirir, administrar y desarrollar bienes raíces comerciales

A partir del cuarto trimestre de 2023, Franklin Street Properties Corp. poseía una cartera de 16 propiedades de oficina con un total de aproximadamente 4.1 millones de pies cuadrados alquilados en nueve estados.

Tipo de propiedad	Hoques cuadrados totales	Distribución geográfica
Propiedades de la oficina	4.1 millones de pies cuadrados	9 estados
Mercados concentrados	Denver, Colorado	Boston, Massachusetts

Optimización de cartera e inversiones de propiedad estratégica

En 2023, FSP implementó estrategias estratégicas de optimización de cartera centradas en:

• Disposiciones de propiedad selectiva
• Adquisiciones dirigidas en mercados de alto crecimiento
• Mantener una cartera de propiedades de oficina diversificada

Gestión de activos y arrendamiento

Métricas de rendimiento de arrendamiento para 2023:

Métrico	Valor
Tasa de ocupación de cartera	88.7%
Término de arrendamiento promedio ponderado	6.2 años

Caída de capital y estrategia financiera

Lo más destacado financiero para 2023:

• Activos totales: $ 2.1 mil millones
• Deuda total: $ 1.1 mil millones
• Relación de capitalización de deuda / total: 53.8%

Evaluación de riesgos y valoración de la propiedad

El enfoque de gestión de riesgos incluye:

• Análisis de mercado continuo
• Evaluaciones regulares de condición de propiedad
• Planificación de gastos de capital estratégico

Métrica de valoración	Cantidad
Valoración total de la cartera	$ 2.3 mil millones
Valor de propiedad promedio	$ 143.75 millones

Franklin Street Properties Corp. (FSP) - Modelo de negocio: recursos clave

Cartera de bienes raíces comerciales diversificadas

A partir del cuarto trimestre de 2023, Franklin Street Properties Corp. posee una cartera de 14 propiedades de oficina con un total de 3,072,000 pies cuadrados en múltiples mercados estadounidenses. La cartera está valorada en $ 1.47 mil millones con una tasa de ocupación del 87.3%.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Edificios de oficinas	14	3,072,000

Equipo de gestión experimentado

Composición de liderazgo a partir de 2024:

• Geoffrey G. Geoffrion - Presidente y CEO
• Michael G. O'Brien - Presidente y CFO
• Promedio de tenencia ejecutiva: 12.5 años

Capital financiero sólido y facilidades de crédito

Métricas financieras para 2023:

• Activos totales: $ 1.78 mil millones
• Deuda total: $ 857.4 millones
• Capacidad de la facilidad de crédito: $ 250 millones
• Tasa de interés promedio ponderada: 4.65%

Capacidades sofisticadas de inversión y análisis

Métrico de inversión	Valor 2023
Volumen de adquisición	$ 124.6 millones
Volumen de disposición	$ 87.3 millones

Extensas redes y relaciones de la industria

Conexiones y asociaciones de la industria:

• Activo en 6 principales mercados metropolitanos de EE. UU.
• Más de 100 inquilinos institucionales y corporativos
• Asociaciones con 12 empresas nacionales de inversión inmobiliaria

Franklin Street Properties Corp. (FSP) - Modelo de negocio: propuestas de valor

Propiedades de oficina de alta calidad y ubicadas estratégicamente

A partir del cuarto trimestre de 2023, Franklin Street Properties Corp. poseía 12 propiedades de oficina con un total de 4.2 millones de pies cuadrados en 7 estados. Valor de mercado de la cartera: $ 1.34 mil millones.

Tipo de propiedad	Total de pies cuadrados	Concentración geográfica
Propiedades de la oficina	4.2 millones de pies cuadrados	Massachusetts, Colorado, Virginia, Georgia
Tasa de ocupación	88.6%	A partir del cuarto trimestre 2023

Distribuciones de dividendos consistentes a los accionistas

Dividendo anual por acción: $ 0.40 en 2023. Pagos de dividendos totales: $ 22.4 millones.

Gestión de activos profesionales y optimización de propiedades

• Gastos promedio de administración de propiedades: 3.2% de los ingresos totales de la propiedad
• Equipo de gestión de activos: 18 miembros del personal profesional
• Inversiones anuales de optimización de propiedades: $ 6.3 millones

Enfoque de inversión transparente y disciplinado

Métrico de inversión	Valor 2023
Cartera de inversiones totales	$ 1.34 mil millones
Relación deuda / capital	0.62
Costo promedio de adquisición de propiedades	$ 85 por pie cuadrado

Potencial para la apreciación del capital a largo plazo

Retorno total a 5 años a los accionistas: 12.4%. Capitalización de mercado: $ 815 millones a diciembre de 2023.

Métrico de rendimiento	Valor 2023
Rango de precios de las acciones	$6.50 - $8.75
Fondos de Operaciones (FFO)	$ 54.2 millones
Ingresos operativos netos	$ 98.6 millones

Franklin Street Properties Corp. (FSP) - Modelo de negocios: relaciones con los clientes

Asociaciones de inquilinos a largo plazo

A partir del cuarto trimestre de 2023, FSP administró una cartera de 89 propiedades con aproximadamente 11.8 millones de pies cuadrados de bienes raíces comerciales. La duración promedio de arrendamiento para inquilinos comerciales es de 5.7 años, lo que indica fuertes asociaciones a largo plazo.

Categoría de inquilino	Número de inquilinos	Duración promedio de arrendamiento
Inquilinos de la oficina	62	5.9 años
Inquilinos industriales	27	5.4 años

Servicios de administración de propiedades personalizados

FSP ofrece administración de propiedades dedicadas con un equipo de 47 administradores de propiedades profesionales que sirven a su base de inquilinos.

• Soporte de mantenimiento 24/7
• Programas de mejora de inquilinos personalizados
• Revisiones trimestrales de rendimiento de propiedades

Comunicaciones e informes de inversores regulares

En 2023, FSP realizó 4 llamadas de ganancias trimestrales y publicó informes anuales completos. Las métricas de comunicación de los inversores incluyen:

Canal de comunicación	Frecuencia	Tasa de participación de los inversores
Llamadas de ganancias trimestrales	4 veces anualmente	Tasa de participación del 87%
Presentación anual de inversores	1 vez anualmente	92% de asistencia

Gestión de arrendamiento proactivo y retención de inquilinos

FSP mantiene un 92.4% de tasa de retención de inquilinos en 2023, con estrategias de renovación de arrendamiento proactivo.

• Discusiones de renovación de arrendamiento temprano (6-9 meses antes del vencimiento)
• Evaluaciones de tasas de mercado competitivas
• Opciones de modificación de arrendamiento flexible

Plataformas digitales para la participación de inquilinos e inversores

Estadísticas de participación digital para 2023:

Plataforma	Usuarios activos	Interacciones mensuales
Portal de inquilino	378 usuarios activos	2,145 interacciones mensuales
Sitio web de relaciones con los inversores	1.247 visitantes únicos	3.678 vistas de página mensuales

Franklin Street Properties Corp. (FSP) - Modelo de negocios: canales

Equipos de arrendamiento directo

A partir del cuarto trimestre de 2023, FSP mantuvo un equipo de arrendamiento directo de 12 profesionales que cubren mercados clave en los Estados Unidos.

Región de mercado	Número de profesionales de arrendamiento	Total de pies cuadrados gestionados
Nordeste	5	3,200,000 pies cuadrados
Sudeste	3	2,100,000 pies cuadrados
Costa oeste	4	2,800,000 pies cuadrados

Sitio web corporativo y plataforma de relaciones con los inversores

El sitio web corporativo de FSP (www.franklinstreetproperties.com) recibe aproximadamente 45,000 visitantes únicos mensualmente.

• Mapa de cartera de propiedades interactivas de las propiedades interactivas
• Pantalla de tasas de ocupación en tiempo real
• Panel de rendimiento financiero trimestral

Conferencias de la industria de bienes raíces y eventos de redes

En 2023, FSP participó en 18 conferencias de la industria con un alcance de red estimado de 3.200 posibles inversores institucionales y profesionales de bienes raíces comerciales.

Asesores financieros y plataformas de inversión

Plataforma de inversión	Activos totales bajo asesoramiento	Asignación de inversión FSP
Morgan Stanley	$ 42 mil millones	0.45%
Goldman Sachs	$ 35 mil millones	0.38%

Presentaciones de la SEC e informes anuales

FSP presentó 4 informes completos de 10-K y 10-Q en 2023, con una tasa de descarga promedio de 2,700 por presentación de la plataforma SEC Edgar.

• Vistas de la página de informe anual total: 12,400
• Tiempo promedio de participación del inversor: 14.3 minutos

Franklin Street Properties Corp. (FSP) - Modelo de negocios: segmentos de clientes

Inquilinos de oficinas corporativas

A partir del cuarto trimestre de 2023, Franklin Street Properties Corp. administra 7.2 millones de pies cuadrados de propiedades de oficina en 16 mercados. Los inquilinos de la oficina corporativa representan el 65% de su ocupación total de cartera.

Tipo de inquilino	Porcentaje de cartera	Término de arrendamiento promedio
Empresas tecnológicas	28%	7.3 años
Servicios financieros	22%	6.9 años
Cuidado de la salud	15%	8.1 años

Empresas de servicios profesionales

Las empresas de servicios profesionales constituyen el 22% de la base de inquilinos de FSP, con un área total arrendada de aproximadamente 1,58 millones de pies cuadrados.

• Empresas de consultoría: 9% del segmento de servicio profesional
• Prácticas legales: 7% del segmento de servicio profesional
• Firmas de contabilidad: 6% del segmento de servicio profesional

Clientes gubernamentales e institucionales

Los clientes gubernamentales e institucionales representan el 8% de la cartera total de FSP, con una tasa de ocupación del 93% a diciembre de 2023.

Tipo de cliente	Porcentaje de segmento institucional	Valor de arrendamiento promedio
Agencias federales	4.5%	$ 2.3 millones anualmente
Instituciones estatales	2.5%	$ 1.7 millones anuales
Organizaciones educativas	1%	$ 1.1 millones anualmente

Inversores inmobiliarios

La base de inversores de FSP incluye grupos de inversión inmobiliaria institucional y privada, con un valor de inversión total de $ 1.2 mil millones a partir de 2023.

• Inversores institucionales: 75% de la base de inversiones
• Empresas de capital privado: 15% de la base de inversiones
• Asociaciones de REIT: 10% de la base de inversiones

Inversores individuales de alto nivel de red

Los inversores individuales de alto nivel de red comprenden el 5% de la cartera de inversiones de FSP, con una inversión promedio de $ 3.5 millones por inversor.

Riqueza del inversionista	Inversión promedio	Porcentaje de segmento
$ 5-10 millones de patrimonio neto	$ 2.8 millones	40%
$ 10-25 millones de patrimonio neto	$ 4.2 millones	35%
Más de $ 25 millones de patrimonio neto	$ 6.5 millones	25%

Franklin Street Properties Corp. (FSP) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del cuarto trimestre de 2023, Franklin Street Properties Corp. reportó costos totales de adquisición de propiedades de $ 574.3 millones. Los gastos de desarrollo de la cartera de bienes raíces de la compañía para el año fiscal fueron de $ 42.1 millones.

Categoría de gastos	Monto ($)
Adquisición de tierras	$ 213.6 millones
Costos de construcción	$ 361.7 millones
Gastos de desarrollo previo	$ 18.9 millones

Gestión de activos y costos operativos

Los gastos operativos de FSP para 2023 totalizaron $ 87.6 millones, con el siguiente desglose:

• Tarifas de administración de propiedades: $ 24.3 millones
• Gastos de arrendamiento: $ 12.7 millones
• Servicios y servicios: $ 31.5 millones
• Costos de seguro: $ 19.1 millones

Inversiones de mantenimiento y renovación

La compañía invirtió $ 63.2 millones en Mantenimiento y renovación de la propiedad para el año fiscal 2023.

Tipo de renovación	Inversión ($)
Actualizaciones de edificios	$ 37.8 millones
Mejoras de infraestructura	$ 25.4 millones

Sobrecarga administrativa y corporativa

Los gastos generales corporativos para 2023 fueron de $ 22.5 millones, que incluyen:

• Compensación ejecutiva: $ 8.3 millones
• Servicios legales y profesionales: $ 5.7 millones
• Tecnología e infraestructura: $ 4.2 millones
• Marketing y comunicaciones corporativas: $ 4.3 millones

Gastos de intereses y servicio de la deuda

Los gastos de intereses totales de FSP para 2023 ascendieron a $ 46.9 millones. Los costos de servicio de la deuda se estructuraron de la siguiente manera:

Tipo de deuda	Gasto de intereses ($)
Deuda hipotecaria a largo plazo	$ 38.6 millones
Facilidades de crédito giratorio	$ 8.3 millones

Franklin Street Properties Corp. (FSP) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de propiedades comerciales

A partir del tercer trimestre de 2023, Franklin Street Properties Corp. reportó ingresos por alquiler totales de $ 73.4 millones. La cartera de la compañía consta de 29 propiedades de oficina con un total de aproximadamente 4.8 millones de pies cuadrados alquilados en múltiples estados.

Tipo de propiedad	Ingreso de alquiler	Tasa de ocupación
Propiedades de la oficina	$ 73.4 millones	87.3%

Contratos de arrendamiento de propiedades

Los contratos de arrendamiento de la compañía generan ingresos consistentes con un plazo de arrendamiento promedio ponderado de 6.2 años a partir de 2023.

• Alquiler contractual promedio ponderado: $ 31.85 por pie cuadrado
• Tasa de renovación de arrendamiento anual: 68.5%
• Área total leable: 4.8 millones de pies cuadrados

Ganancias de capital de las ventas de propiedades

En 2023, FSP informó que las ventas de propiedades generaron $ 45.2 millones en ganancias de capital.

Año	Ventas de propiedades totales	Ganancias sobre el capital
2023	$ 112.6 millones	$ 45.2 millones

Distribuciones de dividendos

Como un fideicomiso de inversión inmobiliaria (REIT), FSP mantiene pagos de dividendos consistentes.

• Dividendo anual por acción: $ 0.48
• Rendimiento de dividendos: 6.2%
• Distribuciones de dividendos totales en 2023: $ 17.3 millones

Tarifas de administración de propiedades

Property Management Services contribuye con un flujo de ingresos adicional para FSP.

Categoría de servicio	Ingresos anuales
Tarifas de administración de propiedades	$ 3.7 millones

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Value Propositions

Exposure to infill and CBD office properties in high-growth regions.

Franklin Street Properties Corp. (FSP) focuses its directly-owned real estate portfolio on infill and central business district (CBD) office properties, primarily located in the U.S. Sunbelt and Mountain West regions. Some specific markets mentioned include Colorado and Texas. This positioning is intended to capture value from these specific geographic areas. The portfolio as of September 30, 2025, consisted of 14 properties totaling approximately 4.8 million square feet. The leased percentage for this portfolio stood at 68.9% as of that date. The weighted average GAAP base rent per occupied square foot for the portfolio was $31.13 on September 30, 2025.

Focus on value-oriented investments for long-term appreciation.

Franklin Street Properties Corp. (FSP) seeks investments that offer value-oriented potential with a view toward long-term growth and appreciation. The leasing activity during the first nine months of 2025 reflects this focus on increasing rental rates on new deals. The weighted average GAAP base rent per square foot achieved on leasing activity during this nine-month period was $31.81, which represented a 6.0% increase from the average rents in those respective properties for the year ended December 31, 2024. The average lease term on the leases signed during the nine months ended September 30, 2025, was 5.7 years.

Providing current income through quarterly common stock dividends ($0.01/share Q3 2025).

Franklin Street Properties Corp. (FSP) aims to provide current income to its shareholders. The Board of Directors declared a quarterly cash dividend of $0.01 per share of common stock for the third quarter ended September 30, 2025, payable on November 6, 2025. The expected annual dividend payout is $0.04 per share. This commitment to income is a core part of the value proposition, even amid operational challenges.

Active strategic review to maximize shareholder value.

The Board of Directors of Franklin Street Properties Corp. (FSP) is actively engaged in a robust and comprehensive strategic review process, working with financial advisor BofA Securities. This review considers a wide range of strategic alternatives designed to maximize shareholder value. Potential options being explored include a sale of the company, asset sales, and refinancing of existing debt. The company suspended its guidance for Net Income (Loss), FFO, and property disposition for the remainder of 2025 due to economic conditions and uncertainties surrounding property dispositions.

Here are key operational and financial metrics supporting the value proposition as of late 2025:

Metric Category	Specific Data Point	Value / Amount
Portfolio Size	Number of Directly-Owned Properties	14
Portfolio Size	Total Square Feet (Approximate)	4.8 million square feet
Occupancy	Leased Percentage (as of 9/30/2025)	68.9%
Leasing Activity (9M 2025)	Total Square Feet Leased	274,000 square feet
Leasing Metrics	Weighted Avg. GAAP Base Rent on New Leasing (9M 2025)	$31.81 per square foot
Income Metric (Q3 2025)	Funds From Operations (FFO)	$2.3 million
Income Metric (Q3 2025)	FFO per Share	$0.02 per share
Income Metric (9M 2025)	Funds From Operations (FFO)	$7.6 million
Income Metric (9M 2025)	FFO per Share	$0.07 per share
Income Metric (Q3 2025)	GAAP Net Loss per Share	$(0.08) per share

The focus on leasing improvement and the ongoing strategic review are central to unlocking future shareholder value. Key operational highlights from the first nine months of 2025 include:

• Leased approximately 274,000 square feet of space.
• Renewals and expansions accounted for approximately 219,000 square feet of leasing.
• Weighted average GAAP base rent on leasing activity was 6.0% higher than the prior year's average.
• The Board is exploring strategic alternatives with BofA Securities.
• Declared quarterly dividend of $0.01 per share for Q3 2025.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Customer Relationships

You're looking at how Franklin Street Properties Corp. (FSP) manages its connections with the people who pay the rent and the people who own the stock. It's a dual focus: keeping tenants happy in their office spaces and keeping shareholders informed, especially now with the strategic review underway.

Direct, long-term leasing relationships with office tenants

FSP's core relationship is with its office tenants across its directly-owned real estate portfolio. This involves securing leases that provide stable, long-term income, though recent market dynamics have shortened the average commitment slightly. As of September 30, 2025, the portfolio consisted of 14 properties, totaling approximately 4.8 million square feet. You can see the current occupancy level is sitting at 68.9% leased, which is down from 70.3% at the end of 2024, largely due to lease expirations during the first nine months of 2025.

When FSP does sign new space, the focus is on securing favorable terms. For the nine months ending September 30, 2025, the average lease term on new agreements was 5.7 years. That's a bit shorter than the 6.3 years seen in the full year of 2024. Still, the leasing activity is showing some positive pricing power; the weighted average GAAP base rent achieved on leasing activity year-to-date was $31.81 per square foot, which is 6.0% higher than the average rents in those specific properties from the prior year.

Retention is a key measure of relationship strength here's the quick math: out of the approximately 274,000 square feet leased in the first nine months of 2025, about 219,000 square feet came from renewals and expansions of existing tenants. What this estimate hides is the cost to secure that space, with tenant improvements and leasing commissions impacting short-term cash flow.

Here are the key metrics defining these tenant relationships as of late 2025:

• Portfolio Size: 14 properties, approx. 4.8 million square feet.
• Occupancy Rate (9/30/2025): 68.9% leased.
• YTD Leasing Volume (9 months 2025): 274,000 square feet.
• Leasing Renewal/Expansion Rate (YTD 2025): Approx. 80% of leased volume.
• Portfolio Weighted Average Rent (9/30/2025): $31.13 per square foot.

The overall portfolio weighted average rent per occupied square foot was $31.13 as of September 30, 2025, a slight dip from $31.77 at the close of 2024.

Leasing Metric	Period Ending September 30, 2025 (9 Months)	Prior Period Benchmark
Average Lease Term Signed	5.7 years	6.3 years (Year Ended 12/31/2024)
Weighted Avg. GAAP Base Rent on New Leasing	$31.81 per square foot	N/A (Reported as 6.0% higher than prior year average)
Portfolio Weighted Avg. Rent per Occupied SF	$31.13 per square foot	$31.77 per square foot (As of 12/31/2024)

Investor relations for public equity shareholders

For your public equity shareholders, FSP maintains a formal communication cadence, though they noted they would not be holding a conference call/webcast for the third quarter of 2025 results. The primary tool for ongoing engagement is the routine posting of information in the Investor Relations section of their website, www.fspreit.com, and filing documents with the SEC. You should know that guidance for Net Income (Loss), Funds From Operations (FFO), and property disposition for the remainder of 2025 has been suspended due to macro uncertainty.

The commitment to shareholders is also reflected in the dividend policy, even amidst operational challenges. The Board declared a quarterly cash dividend of $0.01 per share for the third quarter, payable on November 6, 2025. For the nine months ended September 30, 2025, the company reported a GAAP net loss of $37.6 million, or $0.36 per share, with Funds From Operations (FFO) at $7.6 million, or $0.07 per share.

The relationship is currently centered on transparency regarding the strategic review.

High-touch engagement with financial advisor during strategic review

The relationship with the Board's chosen financial advisor is critical right now. The Board of Directors is actively engaged with BofA Securities on the ongoing strategic review process. This engagement is described as robust and comprehensive, considering a wide range of strategic alternatives aimed at maximizing shareholder value. Alternatives mentioned include a potential sale of the company, asset sales, and refinancing existing debt. The company provided an update on this review on November 21, 2025, separate from the Q3 earnings release.

This high-touch advisory relationship is the mechanism FSP is using to address shareholder value concerns directly, even while suspending forward-looking operational guidance. The company stated it will file an updated supplemental information package with the SEC to provide the financial community with additional operating and financial data.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Channels

Direct leasing teams and brokerage networks for property space.

Franklin Street Properties Corp. uses its internal teams and external networks to secure tenants for its office properties located primarily in the U.S. Sunbelt and Mountain West regions. The leasing activity for the first nine months of 2025 provides a concrete look at this channel's output.

Metric	Value	Date/Period
Directly-Owned Properties	14 properties	As of September 30, 2025
Total Portfolio Square Feet	Approximately 4.8 million square feet	As of September 30, 2025
Portfolio Leased Percentage	68.9% leased	As of September 30, 2025
Space Leased (9 Months)	Approximately 274,000 square feet	Nine months ended September 30, 2025
Renewals/Expansions (9 Months)	Approximately 219,000 square feet	Nine months ended September 30, 2025
Weighted Average GAAP Base Rent on Leasing (9 Months)	$31.81 per square foot	Nine months ended September 30, 2025
Average Lease Term Signed (9 Months)	5.7 years	Nine months ended September 30, 2025
Portfolio Weighted Average Rent per Occupied SF	$31.13 per square foot	As of September 30, 2025

The weighted average GAAP base rent per square foot achieved on leasing activity was 6.0% higher than average rents for the year ended December 31, 2024. That's a clear pricing metric for the channel. It's a direct measure of success in a tough market.

NYSE American stock exchange for public equity investors.

Franklin Street Properties Corp. trades publicly, offering equity access to investors. The stock exchange listing is the primary venue for public capital formation and liquidity for shareholders.

Metric	Value	Date/Context
Stock Exchange	NYSE American	Late 2025
Market Capitalization	$103.69M	As of November 21, 2025
52-Week Stock Low	$0.87	Past 52 Weeks
52-Week Stock High	$2.21	Past 52 Weeks
Analyst Consensus Rating	Neutral (based on 1 analyst)	Past 3 Months
Average 12-Month Price Target	$1.25	Analyst Projection
Declared Quarterly Cash Dividend (Q3 2025)	$0.01 per share	Declared October 3, 2025
Total Indebtedness	Approximately $250 million	As of March 31, 2025

The Board of Directors is actively exploring strategic alternatives, including a sale of the Company or asset sales, with BofA Securities as the financial advisor. FSP is also in active negotiations with a potential lender to refinance all existing indebtedness. This signals a critical focus on capital structure management through this channel.

Corporate website and SEC filings for investor communication.

Franklin Street Properties Corp. uses its digital presence and required regulatory filings to keep the market informed. You can find the latest operational data and corporate updates here.

• Corporate Website: www.fspreit.com
• Investor Information Location: Investor Relations section of the website
• Investor Communication Method: Sign up for E-mail Alerts
• Latest Quarterly Report Filed: Form 10-Q for nine months ended September 30, 2025, filed on October 28, 2025
• Other Recent SEC Filings: Form 8-K (Reports Material Event) filed October 28, 2025
• Funds From Operations (FFO) for nine months ended September 30, 2025: $7.6 million
• GAAP Net Loss for nine months ended September 30, 2025: $37.6 million

The company routinely posts important information in the Investor Relations section of its website. They did not hold a conference call/webcast for the Third Quarter 2025 results release on October 28, 2025. That's a change in standard procedure you should note.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Customer Segments

You're looking at who Franklin Street Properties Corp. (FSP) serves directly, which is a mix of occupiers who need space and capital providers looking for yield and growth. Honestly, for a REIT focused on office space, the customer segments are pretty distinct.

The primary customer base is the office tenant. Franklin Street Properties Corp. (FSP) specifically targets occupiers in infill and Central Business District (CBD) office properties. These are generally large corporate users looking for space in the U.S. Sunbelt and Mountain West regions. The goal is to secure long-term leases, though the market dynamics are certainly making that a challenge right now.

Your existing tenants are a huge segment because keeping them is cheaper than finding new ones. For the nine months ended September 30, 2025, FSP saw significant retention activity. They leased approximately 274,000 square feet of space in that period. Of that total leasing volume, a substantial 219,000 square feet came directly from renewals and expansions by existing tenants. That's a strong indicator of satisfaction, or at least a lack of better alternatives nearby.

The second major group is the public equity investor. As a Real Estate Investment Trust (REIT), FSP exists to provide shareholders with current income, primarily through dividends, and long-term growth. For the quarter ended September 30, 2025, the Board declared a quarterly cash dividend of $0.01 per share, payable on November 6, 2025. You can see the institutional interest by looking at who holds the stock; for instance, as of late 2025 filings, Private Management Group Inc. held about 9.71%, while The Vanguard Group, Inc. held around 4.55%.

Then there's the segment that views Franklin Street Properties Corp. (FSP) as an asset to be acquired-the institutional buyer. The Board is actively pursuing a strategic review process, which includes exploring a potential sale of the company or significant asset sales. This signals that large institutional buyers looking for portfolio consolidation or specific market exposure are a key potential customer for the entire enterprise or its underlying assets. Back in the first quarter of 2025, FSP was already marketing several properties totaling approximately one million square feet for disposition, showing this segment is always on management's mind.

Here's a quick look at the portfolio context relevant to these segments as of late Q3 2025:

Portfolio Metric	Value as of September 30, 2025
Number of Directly-Owned Properties	14
Total Directly-Owned Square Feet	Approximately 4.8 million square feet
Portfolio Leased Percentage	68.9%
Weighted Average GAAP Base Rent (Leasing Activity 9M 2025)	$31.81 per square foot
Lease Renewals/Expansions (9M 2025)	219,000 square feet

The leasing activity shows a clear trend in tenant behavior, which you need to track closely:

• Leasing volume in the first nine months of 2025 was modest overall.
• Weighted average GAAP base rent on new leasing was up 6.0% versus the 2024 average.
• The average lease term signed in 9M 2025 was 5.7 years.
• Portfolio weighted average rent per occupied square foot stood at $31.13 on September 30, 2025.

To be fair, the focus on CBDs means Franklin Street Properties Corp. (FSP) is competing in a sector facing headwinds from capital markets volatility and evolving workplace dynamics. Still, management noted encouraging signs of stabilization and 'return-to-office' trends in many U.S. cities, suggesting the tenant pool is starting to stabilize. Finance: draft 13-week cash view by Friday.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Franklin Street Properties Corp. (FSP)'s operations, which, as a real estate investment trust (REIT), are heavily weighted toward property ownership and debt service. Honestly, the near-term pressure points are clear when you look at the recent quarterly filings.

Property operating expenses (Cost of Revenue) form the baseline cost of keeping the lights on and the buildings functional. For the second quarter of 2025, the Cost of Revenue was reported at $10.7 million. This figure covers the day-to-day running of the portfolio, which, as of September 30, 2025, consisted of 14 properties totaling approximately 4.8 million square feet.

The structure of these costs is significant, especially when compared to the revenue generated. Here's a look at the key expense drivers for the three months ended September 30, 2025 (Q3 2025), compared to the prior year period:

Expense Category (in thousands)	Q3 2025 Amount	Q3 2024 Amount
Real estate operating expenses	$10,671	$11,574
Real estate taxes and insurance	$5,262	$5,512
General and administrative (G&A)	$3,034	$3,275
Interest Expense	$6,348	$6,585

You can see the elevated general and administrative (G&A) overhead is a persistent factor. For the nine months ended September 30, 2025, G&A totaled $9,799 thousand. This is a cost that doesn't directly generate property income, and management has noted the bottom line is burdened by this overhead relative to the company's enterprise value.

The high interest expense on existing indebtedness is another major cost component. For Q3 2025, interest expense was $6,348 thousand. As of June 30, 2025, total indebtedness stood at approximately $249.8 million, with rates around ~9%. This debt load, coupled with the interest rates, makes the cost of capital a significant drain, which is why the Board is actively pursuing a refinancing of all existing indebtedness as of late 2025.

Finally, you have the significant capital expenditures and tenant improvements/leasing commissions, which are crucial for maintaining the quality of the office assets and securing occupancy. These are often classified as second-generation costs when filling space after a tenant leaves. For the third quarter of 2025, these specific costs were substantial:

• Tenant Improvements: $4.469 million.
• Leasing Commissions: $0.929 million.
• Total Second-Generation Capex for Q3 2025: approximately $5.398 million.

These capital outlays, which contributed to negative Adjusted Funds From Operations (AFFO) in Q2 2025, are necessary to compete in the current market, where the portfolio was only 68.9% leased as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Franklin Street Properties Corp. (FSP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Franklin Street Properties Corp. brings in cash, which for a REIT like FSP, is heavily weighted toward property operations but supplemented by strategic capital events. Honestly, in this market, the asset sales are almost as important as the rent checks right now.

The primary revenue driver for Franklin Street Properties Corp. is the recurring income from its office property leases. This is the bread and butter of any real estate investment trust focused on operations. For the third quarter ending September 30, 2025, the reported total revenues were $27.3 million, which aligns with the expected rental income component you mentioned. This revenue comes from their portfolio, which as of September 30, 2025, consisted of 14 directly-owned properties totaling approximately 4.8 million square feet.

Here's a quick look at the key financial figures related to their revenue generation for the most recent reported period:

Revenue Stream Component	Period/Context	Amount/Metric
Total Revenue (Primary)	Three Months Ended September 30, 2025	$27.3 million
Revenue (Trailing Twelve Months)	TTM as of September 30, 2025	$109.50 million
Weighted Average GAAP Base Rent/Sq. Ft.	Leasing Activity (Nine Months Ended September 30, 2025)	$31.81
Portfolio Weighted Average Rent/Occupied Sq. Ft.	As of September 30, 2025	$31.13

Beyond the steady stream of rent, Franklin Street Properties Corp. actively pursues proceeds from strategic property dispositions. This is a key part of their strategy to manage the portfolio and reduce leverage. Since they started this disposition program in December 2020, they have generated aggregate gross proceeds of approximately $1.1 billion. This activity is ongoing; for instance, the property held by Monument Circle was sold on June 6, 2025. Management intends to use net proceeds primarily for continued debt repayment.

The third category covers less frequent, but still important, non-rental income sources. You should watch for these as they can affect Net Operating Income (NOI) comparability quarter-to-quarter. These streams include:

• Lease termination fees.
• Proceeds from bankruptcies.
• Other significant nonrecurring income items.

While the Q3 2025 filings note that Nonrecurring Items in NOI include lease termination fees, a specific dollar amount for this component for the third quarter of 2025 wasn't explicitly broken out in the high-level summaries found, but it is definitely a recognized part of their potential non-rental revenue. They are definitely focused on maximizing value from every angle.